US pilot contract win

Kooth PLC

24 December 2024

 

24 December 2024

Kooth Plc

("Kooth", the "Company" or the "Group")

US pilot contract win

Kooth (AIM: KOO), a global leader in youth digital mental well-being, announces that it has agreed terms of a new pilot contract with the State of New Jersey (the "State"), valued at $1.45m in its pilot year (the "Contract").

Under the terms of the Contract, Kooth will provide mental health support via its Soluna platform to school districts within New Jersey, reaching 50,000 students aged 13 to 18. The Contract will run for an initial period of one year, with services expected to launch in mid-January 2025. As a result of Kooth's footprint in the US, the Contract will be delivered using existing infrastructure and resources alongside in-state marketing expertise and licensed practitioners for counselling. This announcement highlights Kooth's commitment to expansion in the US, adding to its contract with California and the Company's private sector partnership with Aetna Better Health in Illinois.

Soluna will offer eligible students round the clock access to self-guided tools, content and activities, alongside peer support communities benefiting from pre-moderation by trained behavioural health professionals. Kooth's platform will also provide eligible students with access to confidential counselling and coaching, seven days a week between the hours of 14:00 and 21:00, allowing students to access services after school and on the weekends.

The Company continues to be in discussions regarding the second pilot contract in the US, referenced in the Company's interim results, which are expected to be concluded in Q1.

Tim Barker, Chief Executive Officer of Kooth, said:

"We're delighted that, in partnership with the State of New Jersey, Kooth will be providing 50,000 students with access to our platform, enabling them to engage with vital mental health support and services. At Kooth, we're proud to be able to offer young people access to safe and secure counselling and coaching support. We're confident that we will continue to grow our presence across the US, providing support to young people to help combat the growing global youth mental health crisis."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. The person responsible for this announcement is Sanjay Jawa, CFO.

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Enquiries:

Kooth plc Tim Barker, CEO                Sanjay Jawa, CFO	[e-mail]
Stifel, Nominated Adviser & Sole Broker Ben Maddison, Erik Anderson, Nick Harland, Ben Good	[phone]
FTI Consulting, Financial PR Ben Atwell, Alex Shaw	[e-mail]

About Kooth plc:

Kooth (AIM:KOO) is a global leader in youth digital mental well-being. Our mission is to provide accessible and safe spaces for everyone to achieve better mental health. Our platform is clinically robust and accredited to provide a range of therapeutic support and interventions. All our services are predicated on easy access to make early intervention and prevention a reality.

Kooth is a fully safeguarded and pre-moderated community with a library of peer and professional created content, alongside access to experienced online counsellors. There are no thresholds for support and no waiting lists.

Kooth is the longest standing digital mental health provider to hold a UK-wide accreditation from the British Association of Counselling and Psychotherapy (BACP) and according to NHS England data for 2022/23 is now the largest single access provider for mental health support for under 18s.

In 2021, Kooth began executing on its international expansion strategy, with an initial focus on the US market. This focus is due to the growing recognition of the importance of improving youth mental health in this key global healthcare market, with 1-in-6 people aged 6-17 experiencing a mental health disorder each year.

For more information, please visit www.koothplc.com.   

 

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